These Banks Won’t Let You Buy Bitcoin With Credit Card

If you’ve been thinking about how you can buy bitcoin with credit card, bear in mind that some major banks in the United States will no longer allow you to purchase the virtual currency with credit cards issued by them. They have decided that they do not want the credit risk associated with price volatility that comes with bitcoin. JPMorgan Chase, Bank of America, and Citigroup have all confirmed that they will not allow the purchase of bitcoin and other virtual currencies on their credit cards.

There are many who wish to know how they can buy bitcoin with credit card particularly when they see the rapid rise in the prices of cryptocurrencies and hear stories about people making millions overnight, stories that may not be all true.

Bank of America has started declining credit card transactions with known cryptocurrency exchanges for customers with personal and business credit cards. The policy does not apply to debit cards, though.

Citigroup has also confirmed that it has halted the purchase of cryptocurrencies on its credit cards but says that it will continue to “review our policy as this market evolves.”

The banks simply don’t want to be left on the hook if their customers buy into the digital currency frenzy, make a wrong bet, and are then left unable to pay their debt. It creates credit risk for these banks and they’re not willing to put that on their books just yet.

One can see the logic in their argument, particularly when the most popular cryptocurrency loses more than half of its value in just over a month.

Adnan Farooqui
Categories: Web
Tags: bitcoin